Understanding Instant Approval Credit Cards
If you look at any website featuring a variety of credit card products, you will see the category of instant approval credit cards. This is one type of credit card with which applicants can be approved in seconds. Applicants apply for this product over the Internet, and the issuer informs them by email if they are approved. These products require that you have been a timely payer. Sometimes the approval procedure takes a long time, but this is the case only in extremely rare circumstances. Usually, the creditor will have to assess your creditworthiness unless you show an excellent credit history. As suggested by the name, you are approved fast for these cards.
A popular choice in Canada is the Platinum Plus MasterCard. This credit card is featured with an initial interest rate of zero on balance transfers and cash advances. With time (15 months), this rate increases to 17.99 percent. The card goes with no annual fee. Persons with good credit are likely to be approved.
If you have no credit history or a limited one and want fast approval, you may want to look at the low rate guaranteed MasterCard. It goes with a comparatively low interest rate set at 14.90 percent. This is the rate on balance transfers as well. There is annual fee in the amount of $69. Another option for those without a credit history is the Guaranteed Secured MasterCard. It is featured with a slightly lower annual fee, and slightly higher interest rate.
Persons with average credit can check the Low Rate Guaranteed MasterCard. This card will help you develop and improve your credit history, save money thanks to the low long-term rate, and more.
Even Canadians with bad credit are eligible for instant approval credit cards. The Guaranteed MasterCard is intended for persons with poor credit. Of course, the interest rates are a bit higher – to be specific, 19.80 percent a year. The same rate applies to balance transfers. Cardholders can rent a car, purchase items online, and shop conveniently with the Guaranteed MasterCard. Extras include zero fraud liability and warranty for all products charged to the card.
Notwithstanding all these facts and offers, all the terms are subject to change at the bank’s discretion. Initial zero interest rates do not last forever. Within a given period of time, the introductory rate is transformed into the standard rate. If you make late payments or skip payments, you will be charged the default rate. The same applies when you go over the credit limit. After the promotional period, the standard rate on balance transfers will be levied on new as well as outstanding balances.
If you make two late payments over a period of twelve billing cycles, the interest rate goes up by 5 percent. If you start making regular payments from then on and keep this up for 12 consecutive billing cycles, the rate will drop by 5 percent.